I am constantly hearing from prospective buyers that they are interested in foreclosed properties because "they are cheaper than the other properties" or "they are a great deal".. but its important for buyers to know the reality behind foreclosures.
When a Realtor takes a foreclosure listing or an REO, they are working directly with the bank. The bank might require a few comparative analyses in an attempt to get the precise market value of the home.
In many cases, the reason the foreclosed property appears to be 'below market value' is because the home is going to require a great deal of work in order to make the house attractive or even livable. Foreclosures are almost always an 'as is' sale, so it is of the upmost importance to take condition of the property into account.
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